Dhanuka Agritech Ltd today said it has posted net profit of Rs 24.22 crore in the fourth quarter ended March 31, down from Rs 28.48 crore recorded in the same period last year.

The company reported net turnover of Rs 157.07 crore in Q4 compared to Rs 172.37 crore in the corresponding period of the last fiscal.

The total income from operations also declined to Rs 158.65 crore in Q4 FY17 from Rs 174.38 crore in the same period last year, the agrochemical formulations company said in a statement here.

The company registered a growth of 5.36 per cent in net turnover in FY17 at Rs 873.19 crore from Rs 828.79 crore last year. Profit after tax stood at Rs 119.41 crore, up from Rs 107.31 crore in the previous fiscal.

"We have seen increased sales across geographies during the fiscal (FY17). Moreover, the consumption of crop protection chemicals is growing at a fast pace due to increasing farm incomes and awareness among farmers," said Dhanuka Agritech Managing Director Mahendra Kumar Dhanuka.

"Forecast of a normal monsoon this year has brought major relief to farmers. We believe normal spatial distribution of rainfall will not only benefit the agricultural sector and farmers but will give a boost to India's economy," he said.

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